Help with going part-time?

[Neon]

Argh. I'm really stuck knowing what's for the best and am here to see if anyone could give me their experience of what worked for them?

Am due back in work in March. We have 2DC - one 2 1/4, one 7 months. I have been looking at tax credits and what we would be entitled to but am finding the calculator very unhelpful.

Currently I am FT but want to be with DC as much as I can be but do not want to give up pension etc but would like to be with the kids as much as I can be until they are both in school - so 2 1/2 years really.

With tax credits - should I work 16 hours or more? Ideally I would like my partner and I both to work 3 days but he is nervous about this. I earn more than my DP also.

I don't understand how tax credits work - obviously there is the childcare allowance but would I be better off working 16 hours or is that more to do with income support?

Would it be worth taking a career break - our income for 11-12 should cover this year coming.

I've just cancelled my Childcare Vouchers also as I was going to take my son out of current nursery and move to another so they are both together.

Do I sound confused?!

 

[Dinah93]

From April one of you needs to be working 24 hours rather than 16, so I wouldn't drop too many hours if possible. The CTC element will also have the threshold drop, I think for 2 children your household income needs to be under £32,000 to qualify, but you don't get much. Try going to www.entitledto.co.uk and have a play, see how you fare with different working hour combinations. I think it's still only got this years numbers on though, not post April, which is a shame as the thresholds are going down considerably.